博雅生物：公司简评报告：采浆量增长良好，业绩基本符合预期

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company's performance is in line with expectations, with a revenue of 1.245 billion yuan for the first three quarters of 2024, representing a decrease of 43.16% year-on-year. The net profit attributable to shareholders is 413 million yuan, down 11.07% [4][5]. - The company has seen a good growth in plasma collection, with a total of 387.44 tons collected in the first three quarters of 2024, an increase of 12.39% year-on-year [4]. - The research and development pipeline is progressing well, with R&D expenses amounting to 47.38 million yuan in the first three quarters of 2024 [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 1.245 billion yuan, a decrease of 43.16%, and a net profit of 413 million yuan, down 11.07%. The gross profit margin was 66.67%, an increase of 16.63 percentage points [4][5]. - The company declared a cash dividend of 81 million yuan, accounting for 25.53% of the net profit for the first half of 2024 [4]. Business Development - The blood products business generated revenue of 1.089 billion yuan in the first three quarters of 2024, a slight increase of 0.39%. The company has optimized the local plasma donation environment and improved service quality [4]. - The company acquired 100% of Green Cross Holdings, which is expected to enhance its plasma supply capabilities significantly [4]. Research and Development - The R&D pipeline includes high-concentration immunoglobulin products and clinical trials for various factors, with R&D expenses of 47.38 million yuan in the first three quarters of 2024 [4]. Future Projections - The company is projected to achieve revenues of 2.108 billion yuan, 2.387 billion yuan, and 2.679 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 661 million yuan, 778 million yuan, and 908 million yuan [5][6].